Cold Insulation Market: By Type (Polyisocyanurate, Polyurethane Foam, Nitrile Rubber, Phenolic Foam, Ceramic Fibre, Polystyrene Foam), By Application (HVAC, Chemicals, Oil and Gas, Refrigeration, Others), By End User (Commercial and Industrial) And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Cold insulation is a process that uses a single or combination of two or more materials to conserve energy by preventing loss or gain of heat. Cold insulation is used to avoid surface condensation, maintain low temperatures for process control, & to save energy. Cold insulation is used for temperatures below the threshold, and it prevent moisture, condensation, and long-term degradation. Cold insulation material is a structure which is closed and that works as heat flow barrier. Cold insulation is popular due to the ability to prevent greenhouse emissions in environment and for increasing the efficiency of the systems. Material used for cold insulation are Fiber glass, polyurethane foam, polystyrene foam, phenolic foam, and other materials.
Cold Insulation Market is expected to project a CAGR of 7.8% during the forecast period.
The Cold Insulation Market was valued at USD 5.98 billion in 2021 and is expected to reach USD 13.6 billion by 2032, increasing at a CAGR of 7.8% during the forecast period, i.e., 2022-2032 owing to the importance for energy efficiency due to rising costs. Increasing concerns over greenhouse gas emissions and the government initiatives to increase the energy efficiency of public infrastructure may assist in the growth of the market. The rising awareness regarding the energy losses and the cost associated with them are expected to create demand for cold insulation market. The rising disposable income and increasing demand for refrigerating and air conditioning devices is expected to further boost the cold insulation market.
Polystyrene foams segment is expected to dominate in the forecast period
Cold Insulation Market is classified based on the Type into Polyisocyanurate, Polyurethane Foam, Nitrile Rubber, Phenolic Foam, Ceramic Fibre, Polystyrene Foam. Polystyrene Foam segment is expected to dominate the market with largest share. These are a variant which is water resistant having good temperature insulating properties. The compressive and tensile strength is high.
Oil and Gas segment is expected to dominate in the forecast period
Cold Insulation Market is classified based on the Application is segmented into HVAC, Chemicals, Oil and Gas, Refrigeration, Others. The Oil and Gas industry uses cold insulation materials which is expected to increase the market growth. The increased use of cryogenic gases like liquefied natural gas (LNG) & liquefied petroleum gas (LPG) will create demand for cold insulating materials and further boost the sales of the global cold insulation market.
Rapid Expansion of Oil and Gas Industries is Creating a Growth Opportunity for the Market
The Oil and Gas industry play a vital role in impacting the decision-making for rest of the streams of the economy. These industries require cold insulation which will help the market to grow. Cold insulation is utilized for insulation of LNG storage tanks and in liquefaction plants. The growing of oil and gas production industries will increase the demand for the cold insulation which is expected to drive the market growth.
Increasing Demand of Cold Insulation is Driving the Market Growth
Cold insulation materials are required in chemical industry as they are utilized in petrochemical & industrial gases. These materials eliminate or minimize the risk of corrosion by providing insulation. They increase energy efficiency of chemical process. Cold insulation materials are helpful in chemical industry as they are useful in industrial treatment of gases. The demand for cold insulation materials is expected to boost the market growth.
The Negative Impact on Environment may Hamper the Market Growth
The use of cold insulation material results in causing several environmental issues and is expected to be restraining the market growth. To develop a cold insulation material which has less harm or negative impact on environment is an expensive process, so may hamper the growth of the market.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Cold Insulation Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Based on regional analysis, Asia Pacific had dominated the market with an immense growth in the Cold insulation market due to their applications in the refrigeration, chemical, oil markets. The availability of cheap price, skilled labour and the cost of setting manufacturing units is low which is aiding in the growth of Asian Cold Insulation market.
The outbreak of the COVID-19 pandemic has resulted in the economic slowdown across the world. Many countries imposed strict lockdowns and travel bans to control the spread of coronavirus. With the imposition of lockdown and travel bans in many countries, there was a huge disruption in the manufacturing process and several industries faced losses. Covid-19 has affected several business activities and it also had a negative impact on the Cold Insulation Market slightly due to the imposition of lockdown.
Cold Insulation Market is further segmented by region into:
Cold Insulation Market Segments:
Market size value in 2021
USD 5.98 billion
Revenue forecast in 2032
USD 13.6 billion
CAGR of 7.8 % from 2022 to 2032
Base year for estimation
Revenue in USD billion and CAGR from 2022 to 2032
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Type, Application, End user and Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled
BASF SE, Owens Corning, Huntsman International LLC, ROCKWOOL A/S, Armacell, SAINT-GOBAIN, Dow, Evonik Industries AG, Kingspan Group, Knauf Insulation, Aspen Aerogels, Inc., Johns Manville, Morgan Advanced Materials, Recticel, Atlas Roofing Corporation, Beijing New Building Material (Group) Co., Ltd and Other Prominent Players
Cold Insulation Market size was estimated at USD 5.98 billion in 2021 and is expected to reach USD 13.6 billion in 2032.
Cold insulation is a process that uses a single or combination of two or more materials to conserve energy by preventing loss or gain of heat. Cold insulation is used to avoid surface condensation, maintain low temperatures for process control, & to save energy.
Polystyrene foams and Oil and Gas segment accounted for the largest Cold Insulation market share.
Key players: BASF SE, Owens Corning, Huntsman International LLC, ROCKWOOL A/S, Armacell, SAINT-GOBAIN, Dow, Evonik Industries AG, Kingspan Group, Knauf Insulation, Aspen Aerogels, Inc., Johns Manville, Morgan Advanced Materials, Recticel, Atlas Roofing Corporation, Beijing New Building Material (Group) Co., Ltd. and Other Prominent Players are the key players in the Cold Insulation Market.
Rapid Expansion of Oil and Gas Industries and Increasing Demand of Cold Insulation are the factors driving Cold Insulation Market.
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